A former financial adviser barred from the industry over accusations he defrauded clients has filed for bankruptcy. Michael F. Shillin filed for chapter 7 at the end of November in U.S. Bankruptcy Court for the Eastern District of Wisconsin. He had run his own firm, Shillin Wealth Management, from mid-2018 to the end of 2020 when it closed while he was under investigation. The U.S. Securities and Exchange Commission recently barred Shillin from the industry, following similar bans imposed by Wisconsin regulators and a nationwide organization that licenses financial advisers. Shillin is currently facing a federal criminal lawsuit on several charges of fraud from his time working as a financial adviser in the Chippewa Valley. In his petition for bankruptcy, Shillin claims to have about $101,000 in assets, but over $1.86 million in liabilities. The filing details numerous debts leftover from his defunct financial firm, Shillin’s own personal debts and multiple former clients who lodged complaints against him with regulators. The lengthy list of creditors is topped by several agencies, followed by businesses and individuals he owes from his time as a financial advisor in the Chippewa Valley.
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